Is their a relationship to crude oil and DOW stock prices?

Crude oil prices go up Dow stock prices fall or move together or vise verse.Is their a relationship to crude oil and DOW stock prices?
The correlation has been very tight since late 2007, but at some point, with the US Dollar decoupling itself from the stock market, the oil markets will follow suit.





This will eventually happen as crude oil is priced around the world in US Dollars. At some point the market will trade based upon higher oil prices leaves less for consumers to spend elsewhere.





Look at crude in the $70 range right now. Gas prices for unleaded regular is $2.94 in Northern California. Imagine what they would be if we tested the all time continuous contract highs in the $140's.Is their a relationship to crude oil and DOW stock prices?
None directly. It depends on the relative price of oil. Higher stock prices and higher oil prices can mean the economy is expected to get stronger. But if oil goes too high stock prices may go down, because oil is a cost to many businesses. If it becomes too high they cant afford it, and cant raise their prices, and it lowers their profit margins.
Yes, Crude oil contracts are closely corelated by the movement of equity markets than it's own fundamentals.





Proof:





When this contracts spends lot of time below RSI 30 or Above RSI 70 , it is definitely a proof that it is moving based on markets than by it's own fundamnetals.





Unless, there is some fresh bearish or bullish news about the crude out which traders have not digested , there is no point of crude spending more time below RSI 30 or above RSI 70.





so, where is this fresh news coming from????





Of course, we dont get fundamentl news about oil until every wednesday where EIA releases report or any other OPEC meeting report.





But, still, RSI is loitering more time below RSI 30 or above RSI 70 ....so, Now, ask yourself, where is this fresh news coming from?





answer is, stock market movements!!!!!





so, it is a proof, that crude oil is closely correlated by stock market movements for time being atleast.